US Feds Seize BitInstant Partner Funds
Over $230,000 in funds have been seized by United States Federal prosecutors in the state of New Jersey from a money processor known as Tcash Ads (trustcash.com). The complaint, filed in New Jersey, notes that the company had a number of bank accounts they were managing in which they processed millions of dollars worth of payments for merchants. What's worse: they were operating without any sort of financial license and had virtually nothing but basic contact information on file for their merchants. The complaint notes that $1 million alone had gone to BitInstant. BitInstant, as you may....
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Three bitcoiners have filed a class action lawsuit against BitInstant claiming the company misled them with false representations about its services. The class action complaint was received by BitInstant on July 8th, shortly before the company's website closed for maintenance. Plaintiffs Leandro Icono, Deborah Collins and Ulysses McGhee are being represented by Giskan Solotaroff Anderson & Stewart LLP in their assertions that BitInstant made false claims about the speed of its service and the refund of fees. The class action complaint states: "BitInstant purports to provide a means to....
Recently, BitInstant CEO Charlie Shrem announced that his company would be releasing a new product: a Bitcoin prepaid debit card. The product is scheduled to come out in six to eight weeks, and would cost $10, although Shrem announced that the first thousand cards would be given out for free; for those who are interested the signup form is already available. The concept of a Bitcoin card is nothing new; they have existed in some form for months. However, with all of the previous options the costs have so far been prohibitive; beyond the initial cost of the card itself, deposits could cost....
The Internal Revenue Service (IRS) has revealed that $3.5 billion in crypto was seized during the fiscal year 2021. This represents 93% of all funds seized by its criminal investigation unit during the same time period. The agency expects to seize billions of dollars more in cryptocurrency next year.
IRS Says It Could Seize Even More Than $3.5 Billion in Cryptocurrency Next Year
The Internal Revenue Service’s Criminal Investigation (CI) unit, the tas authority’s law enforcement branch, released the 2021 Criminal Investigation Annual Report Thursday. IRS....
BitInstant customers have been complaining loudly -- and in large numbers -- about slow orders and responses in recent days. The service, which promises to let people quickly transfer funds to their bitcoin exchange accounts, saw the trouble start after launching its new beta website on Tuesday. By Wednesday, numerous posters on reddit and the Bitcoin Forum were complaining that orders placed hours -- even a day or more before -- had yet to be processed. "(A)lmost 32 hours since I placed 2 orders of 500.00," wrote redditor vrusso123. "sickened. where is my money bitinstant?" "(T)his is a....
The State Duma of Russia, the lower house of parliament, has passed a law permitting law enforcement authorities to seek confiscation of illegally obtained funds from government officials, including cryptocurrency. The state may attempt to seize the assets through court if they exceed the officials’ income.
New Law Allows Russia to Prosecute Officials With Illegal Crypto Holdings
Government officials who possess financial assets — including digital coins — exceeding their declared income from the last three years risk losing them to the state, according to a....